The Polish luxury real estate market is relatively young, with its assets constituting only a small percentage of the overall housing market, while the value of this niche stands at around PLN 3.5 billion (€840 million), according to a Walter Hertz report.
The research further shows that about 30 per cent of Poland’s luxury real estate is concentrated in Warsaw.
Luxury housing is available from €9,600 per sqm, while in the most exclusive and prestigious locations, the price per square meter can reach €24,000 or more.
“When it comes to premium real estate buyers, several client groups can be distinguished. Often, these are affluent individuals with Polish roots who have settled worldwide but feel the need to own property in their homeland. Another group consists of businesspeople starting operations in Poland. Tourists who have fallen in love with the country also make purchases. Investors focused on future profits, as well as professionals and individuals seeking to showcase their prestige, are also active in this market. A growing segment of premium property buyers in Poland consists of wealthy foreigners, primarily from Ukraine, Belarus, and Turkey,” says Katarzyna Goryszewska, Head of Walter Herz’s Luxury Residential Agency.
In addition, luxury rentals attract managers, foreign investors, Polish entrepreneurs looking for homes near their business locations, children of business owners starting their studies or jobs in a particular city, and tourists.
Among the biggest deals in the premium market was last year’s sale of a two-storey, 400 sqm apartment, on Spichrzów Island, in Gdansk, for close to €6 million.
